PTL Limited Announces Pricing of $5 million Initial Public Offering and Listing on Nasdaq

Rhea-AI Summary

PTL (Nasdaq: PTLE), a bunkering facilitator in the Asia Pacific market, has announced the pricing of its initial public offering (IPO) of 1,250,000 ordinary shares at $4.00 per share. The company expects to raise $5 million in gross proceeds, potentially increasing to $5.75 million if the 45-day over-allotment option is exercised. Trading on the Nasdaq Capital Market is set to begin on October 16, 2024, under the symbol 'PTLE'.

The IPO is expected to close on October 17, 2024. PTL plans to use the net proceeds for vessel acquisition, inventory expansion, establishing a price hedging mechanism, and general corporate purposes. Dominari Securities is acting as the representative underwriter, with Revere Securities as co-underwriter. The offering is being conducted on a firm commitment basis and in accordance with the company's SEC-approved Registration Statement on Form F-1.

Positive

• IPO expected to raise $5 million in gross proceeds, potentially increasing to $5.75 million with over-allotment
• Listing on Nasdaq Capital Market, providing increased visibility and potential liquidity
• Funds to be used for strategic purposes including vessel acquisition and inventory expansion
• Establishment of a price hedging mechanism, potentially reducing financial risks

Negative

• Potential dilution of existing shareholders' ownership due to the issuance of new shares
• Uncertainty regarding market reception and post-IPO stock performance

Insights

Financial Analyst

PTL 's $5 million IPO on Nasdaq marks a significant milestone for this marine fuel logistics company. Pricing 1,250,000 ordinary shares at $4.00 each, with potential for an additional 15% over-allotment, could bring total proceeds to $5.75 million. This capital injection aims to fuel strategic growth initiatives, including vessel acquisition and inventory expansion.

The firm commitment underwriting by Dominari Securities and Revere Securities adds credibility to the offering. However, investors should note the relatively small size of this IPO, which may impact liquidity and trading volatility. The company's focus on the Asia Pacific market presents both opportunities and risks, given the region's dynamic economic landscape.

While the IPO provides PTL with a public platform for future growth, its success will largely depend on management's ability to effectively deploy capital and navigate the competitive marine fuel logistics sector. Potential investors should closely examine the company's financials and growth strategy before making investment decisions.

Hong Kong, Oct. 15, 2024 (GLOBE NEWSWIRE) -- PTL Limited (Nasdaq: PTLE) (the “Company”), an established bunkering facilitator providing marine fuel logistics services for vessel refueling, serving the Asia Pacific market, today announced the pricing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares (the “Ordinary Shares”), at a price of $4.00 per Ordinary Share (the “Offering Price”).

The Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on October 16, 2024 under the symbol “PTLE.”The Offering is expected to close on October 17, 2024, subject to the satisfaction of customary closing conditions.

The Company expects to receive aggregate gross proceeds of US$5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 187,500 Ordinary Shares of the Company, at the Offering Price, representing 15% of the Ordinary Shares sold in the Offering (the “Over-allotment”),.

Assuming that the Over-allotment is exercised, the Company is expected to receive gross proceeds amounting to $5.75 million, before deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds for vessels acquisition, increasing inventory position to secure favorable volume discounts and credit terms, establishing a price hedging mechanism, and other general corporate purposes.

The Offering is conducted on a firm commitment basis. Dominari Securities LLC is acting as the representative of the underwriters, with Revere Securities LLC acting as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP, Ogier, David Fong & Co. Lawyers and China Commercial Law Firm are acting as U.S., British Virgin Islands, Hong Kong and People’s Republic of China legal counsels to the Company, respectively. J&S Associate PLT is acting as the reporting accountants of the Company. Loeb & Loeb LLP is acting as legal counsel to the Underwriters for the Offering.

The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-281097) previously filed with, and subsequently declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 30, 2024. The Offering is being made only by means of a prospectus. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus relating to the Offering may be obtained, when available, from Dominari Securities LLC by email at info@dominarisecurities.com, by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor New York, NY 10022, or by telephone at (212) 393-4500; or from Revere Securities LLC by email at contact@reveresecurities.com, by standard mail to Revere Securities LLC, 560 Lexington Avenue, 16th Floor, New York, NY 10022, or by telephone at +1 (212) 688-2350.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About PTL Limited

Headquartered in Hong Kong, we are an established bunkering facilitator providing marine fuel logistics services for vessel refueling, primarily container ships, bulk carriers, general cargo vessels, and chemical tankers. Targeting and serving the Asia Pacific market, we leverage our close relationships and partnership within our established network in the marine fuel logistic industry, including the upstream suppliers and downstream customers, to provide a one-stop solution for vessel refueling.

FORWARD-LOOKING STATEMENTS

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations, including the trading of its Ordinary Shares or the closing of the Offering. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

Contacts

PTL Limited
Investor Relations
Email:  info@petrolinkhk.com

FAQ

What is the IPO price for PTL (PTLE) shares?

PTL (PTLE) has priced its initial public offering at $4.00 per ordinary share.

How many shares is PTL (PTLE) offering in its IPO?

PTL (PTLE) is offering 1,250,000 ordinary shares in its initial public offering.

When will PTL (PTLE) begin trading on the Nasdaq?

PTL (PTLE) is expected to begin trading on the Nasdaq Capital Market on October 16, 2024.

How much does PTL (PTLE) expect to raise from its IPO?

PTL (PTLE) expects to raise $5 million in gross proceeds, potentially increasing to $5.75 million if the over-allotment option is exercised.

What will PTL (PTLE) use the IPO proceeds for?

PTL (PTLE) intends to use the net proceeds for vessel acquisition, increasing inventory, establishing a price hedging mechanism, and other general corporate purposes.